IT exports surge 40.7% YoY to $332m in May

By MG News | June 21, 2024 at 05:13 PM GMT+05:00
June 21, 2024 (MLN): Telecommunications, Computer, and Information Services made the largest contribution to the export of services with an amount of $332 million in May, witnessing an increase of 40.68% YoY compared to exports worth $235m in May 2023.
The service sector of Pakistan posed a trade deficit of $193 million in May, reflecting an increase of 3.21% MoM, as compared to a deficit of $187m recorded in the previous month, the latest data released by the State Bank of Pakistan (SBP) showed.
Comparison on a yearly basis shows that the country reported a deficit of $342 m in trade of services in the Same Period Last Year (SPLY).
Details made available by SBP further revealed that the exports of services in May went up by 7.84% YoY to $688m compared to $638m in May 2023.
Similarly, on a month-wise basis, exports rose by 6.5% MoM compared to the figures for April 2024.
Cumulatively in 11MFY24, services exports climbed by 1.18% YoY to $6.442bn compared to exports of $6.367bn in 11MFY23.
Amongst the total exports in the review month, Other Business Services held the second position, bringing $116m in May into the country.
In terms of growth, receipts from the exports of this section went down by 21.62% YoY compared to $148m in the same period last year.
On a sequential basis, other business services surged by 11.54% MoM compared to exports of $104m in April 2023.
Furthermore, the export of transport and travel services contributed an amount of $57m and $66m, respectively in the review period.
The imports of services during the year amounted to $881m, which rose by 10.1% YoY compared to imports worth $980m in SPLY.
On a monthly basis, imports have increased compared to $833m recorded in the previous month.
Going forward, the imports during 11MFY24, stood at $8.348bn, up by 20.78% YoY compared with the number during 11MFY23.
Amongst the total imports, the largest expenditure was incurred on Transport for an amount of $368m, witnessing an increase of 6.05% YoY and 5.44% MoM.
The Travel services cost the country around $209m, recording a decline of 46.95% YoY and 1.42% MoM.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 133,014.22 109.29M |
-0.27% -355.93 |
ALLSHR | 82,915.66 417.52M |
-0.20% -165.50 |
KSE30 | 40,540.05 36.31M |
-0.41% -165.25 |
KMI30 | 191,733.34 46.04M |
-0.44% -847.33 |
KMIALLSHR | 55,742.53 236.10M |
-0.17% -93.18 |
BKTi | 36,167.05 5.91M |
-0.41% -150.12 |
OGTi | 28,365.31 3.42M |
-0.62% -177.65 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 108,565.00 | 108,880.00 107,680.00 |
110.00 0.10% |
BRENT CRUDE | 69.39 | 69.50 69.03 |
-0.19 -0.27% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
2.90 3.07% |
ROTTERDAM COAL MONTHLY | 106.00 | 106.75 106.00 |
0.25 0.24% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 67.68 | 67.97 67.40 |
-0.25 -0.37% |
SUGAR #11 WORLD | 16.25 | 16.46 16.07 |
-0.13 -0.79% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|